Leveraged Buyouts

Percolating for weeks, Tom O’Brien’s return to Virginia’s football coaching staff as associate head coach became reality Thursday. The final hurdle was O’Brien’s contract at North Carolina State, which fired him as head coach in November after six seasons. A non-compete clause prohibited O’Brien from working at another ACC school, even if terminated, through the 2015 season. But Thursday afternoon, in response to a question from Joe Ovies of Raleigh’s ESPN radio affiliate, N.C. State said it was waiving the clause and has agreed to pay O’Brien $200,000 rather than the $1.2 million buyout he was due. Polite and prudent move by State...

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On Nov. 8, a two-page letter appeared on Tribune Co.'s bankruptcy court docket, wedged between the usual stream of motions and lawyer fee applications.
It was written to the judge by an angry and bewildered Colorado investor named Mark Lies, who had...